Mitsubishi Electric Announces Consolidated Financial Results for the
First Quarter of Fiscal 2015

July 30, 2014 12:59 AM Eastern Daylight Time

TOKYO--(BUSINESS WIRE)--Mitsubishi
Electric Corporation (TOKYO: 6503) announced today its consolidated
financial results for the first quarter ending June 30, 2014, of the
current fiscal year ending March 31, 2015 (fiscal 2015).

The business environment in the first quarter of the fiscal year 2015 as
a whole saw ongoing gradual expansion around the world, owing to
economic stability in the U.S., gradual economic recovery in Europe, a
slightly mitigated slowdown in China and other factors, while the
Japanese economy experienced an upward trend in the commercial sector
despite a backlash due to the last-minute surge in demand experienced
before the rise in consumption tax.

Under these circumstances, consolidated net sales in the first quarter
increased by 9% compared to the same period of the previous fiscal year
to 910.6 billion yen, owing to such factors as increased sales in the
Energy and Electric Systems, Industrial Automation Systems, Electronic
Devices and Home Appliances segments. Consolidated operating income
increased by 73% compared to the same period of the previous fiscal year
to 59.3 billion yen, due to higher profits in the Industrial Automation
Systems, Electronic Devices and Home Appliances segments.

Forecast for Fiscal 2015With
mainly the Industrial Automation Systems segment expected to see growth
owing to increased demand for capital expenditures in Japan, China and
other Asian countries, and due to an increase in car sales outside
Japan, Mitsubishi Electric’s business performance for the current fiscal
year is expected to exceed its previous forecast. Therefore, the
consolidated earnings forecast for the first half of fiscal 2015, ending
September 30, 2014, and for fiscal 2015, ending March 31, 2015, have
been revised from the announcement on April 28, 2014 as stated below.

First Half of Fiscal 2015 Consolidated Earnings Forecast

Consolidated

Previous forecast(announced Apr. 28)

Current forecast

Net sales:

1,950.0 billion yen

1,980.0 billion yen

(9% increase from the same period last year)

Operating income:

83.0 billion yen

100.0 billion yen

(25% increase from the same period last year)

Income before

income taxes:

93.0 billion yen

110.0 billion yen

(32% increase from the same period last year)

Net income

attributable to

Mitsubishi Electric

Corp.:

68.0 billion yen

80.0 billion yen

(65% increase from the same period last year)

Fiscal 2015 Consolidated Earnings Forecast

Consolidated

Previous forecast(announced Apr. 28)

Current forecast

Net sales:

4,180.0 billion yen

4,220.0 billion yen

(4% increase from the previous fiscal year)

Operating income:

250.0 billion yen

260.0 billion yen

(11% increase from the previous fiscal year)

Income before

income taxes:

260.0 billion yen

260.0 billion yen

(4% increase from the previous fiscal year)

Net income

attributable to

Mitsubishi Electric

Corp.:

175.0 billion yen

175.0 billion yen

(14% increase from the previous fiscal year)

Note: The forecast above is based on assumptions deemed
reasonable by the company at the present time, and actual results
may differ significantly from forecasts. Please refer to the
cautionary statement in the full document.

About Mitsubishi Electric CorporationWith
over 90 years of experience in providing reliable, high-quality
products, Mitsubishi Electric Corporation (TOKYO:6503) is a recognized
world leader in the manufacture, marketing and sales of electrical and
electronic equipment used in information processing and communications,
space development and satellite communications, consumer electronics,
industrial technology, energy, transportation and building equipment.
Embracing the spirit of its corporate statement, Changes for the Better,
and its environmental statement, Eco Changes, Mitsubishi Electric
endeavors to be a global, leading green company, enriching society with
technology. The company recorded consolidated group sales of 4,054.3
billion yen (US$ 39.3 billion*) in the fiscal year ended March 31, 2014.
For more information visit http://www.MitsubishiElectric.com*At
an exchange rate of 103 yen to the US dollar, the rate given by the
Tokyo Foreign Exchange Market on March 31, 2014